The final communiqué of the G20 summit, which concluded this weekend in Buenos Aires, Argentina, confirmed that Saudi Arabia will host the summit in 2020.

Hosting the major event involving the world’s largest economies is an opportunity for the Kingdom to showcase Saudi’s standing as a key player in the G20 and a force for economic stability. Saudi Arabia joined the G20 Troika, a three-member country committee chaired by Japan, the current presidency; Argentina, the previous presidency; and Saudi Arabia, the future presidency in 2020, said a G20 press release. The Troika was established to ensure that previous, current and subsequent G20 presidencies work hand-in-hand to achieve consistency and continuity of the group’s agenda.

Saudi Arabia’s Crown Prince Mohammed bin Salman met with several world leaders throughout Saturday including Russian President Vladimir Putin, United Nations Secretary General António Guterres, Italian Prime Minister Giuseppe and Argentinian President Mauricio Macri, according to reports. He also had conversations with other top world leaders.

According to a press statement issued by the G20 members published in the Saudi Gazette, Saudi Arabia will “capitalize on its regional and international roles to engage with G20 members, invited countries, civil societies, and international and regional organizations to incorporate diverse viewpoints that reach policy recommendations addressing current and emerging global challenges impacting societies and economies throughout the world.”

The press release said that the “G20 Saudi Arabia presidency will include a multitude of meetings, throughout the year of its presidency, for ministers, deputies, working groups and other stakeholders with the aim of building broad consensus on policy proposals that address G20 topics. These meetings will be crowned by the G20 Leaders’ Summit.”

“Saudi Arabia is undergoing major economic and social transformation guided by its Vision 2030, which is closely aligned with core G20 objectives of achieving macroeconomic stability, sustainable development, women empowerment, enhanced human capital, and increased flow of trade and investment,” the press statement said.